I don't understand why you think what the board of the non-profit did was unethical. Your presupposition seems to be that the non-profit has a duty to make money - aka "keep the lights on" but it is a "non-profit" precisely because it does not have that duty. The duty of the board is to make sure the non-profit adheres to its charter. If it can't do that and keep the lights on at the same time, then so much worse for the lights.